Nature of Business and Summary of Significant Accounting Policies (Tables)

3 Months Ended

Sep. 30, 2022

Nature of Business and Summary of Significant Accounting Policies

Schedule of changes in intangible assets

Changes in intangible assets are as follows (in thousands):

	September 30, 2022						June 30, 2022
	Carrying		Accumulated		Net book		Carrying		Accumulated		Net book
	value		amortization		value		value		amortization		value
Customer relationships	$	9,800		(9,183)	$	617	$	9,800		(9,143)	$	657
Trade name		4,048		(455)		3,593		4,048		(405)		3,643
	$	13,848	$	(9,638)	$	4,210	$	13,848	$	(9,548)	$	4,300

Schedule of reconciliation of earnings per share

The following provides a reconciliation of information used in calculating the per share amounts for the three months ended September 30, 2022 and 2021 (in thousands, except share and per share data):

	Net Income				Weighted Average Shares		Net Income per Share
	2022		2021		2022	2021	2022		2021
Basic EPS	$	3,084	$	7,752	36,762	36,700	$	0.08	$	0.21
Effect of Dilutive Securities:
Stock Options		—		—	228	144		—		—
Diluted EPS	$	3,084	$	7,752	36,990	36,844	$	0.08	$	0.21

Schedule of consolidated statements reported and the restated balances

The table below sets forth the consolidated balance sheets information, including the balances originally reported and the restated balances as of September 30, 2022 (in thousands):

	As of September 30, 2022
	As
	previously		As
	reported		Restated
Inventory - Current	$	52,055	$	48,466
Income Tax Receivable		379		662
Inventory - Non-Current		11,782		11,770
Retained earnings		119,313		115,995

The table below sets forth the consolidated statements of income information, including the balances originally reported and the restated balances for the quarter ended September 30, 2022:

		Three Months Ended September 30, 2022
	(in thousands, except for per share data)
		As
		previously
		reported		As Restated
Equipment-related expenses		$	19,665	$	23,266
Cost of sales			21,326		24,927
Gross profit			18,167		14,566
Operating income			7,249		3,648
Income before provision for income taxes			7,146		3,545
Provision for income taxes			744		461
Net income			6,402		3,084
Income per share:
Basic		$	0.17	$	0.08
Diluted		$	0.17	$	0.08

The table below sets forth the consolidated statements of cash flows information, including the balances originally reported and the restated balances for the quarter ended September 30, 2022:

	Three Months Ended September 30, 2022
	(in thousands)
	As
	previously
	reported		As Restated
Net income	$	6,402	$	3,084
Change to inventory obsolescence reserve		71		(252)
Inventories		(14,121)		(10,197)
Income tax receivable		(379)		(662)
Net Cash Provided by Operating Activities		(1,965)		(1,965)